The start of a new year should be a time for optimism and thoughts of new business opportunities, but with major events like Brexit on the horizon, 2019 could turn out to be a rocky ride full of challenges.

A positive outcome for founders will depend on their mindset, their business goals and the tools they keep in their startup survival kit. Seven entrepreneurs reveal what they have in theirs.

Cash is king

A key feature in the business survival kit of Denzel Matsaudza, managing director of property management company Like-Minded Living, is a high cash balance to allow for flexibility in tight market circumstances.

“We want to be self sufficient and rely less on banks, loans or short-term external investment, while the added liquidity will also enable us to enter new opportunities that may arise from the Brexit fallout,” he says.

He is confident that his business model is suited to a tough market, as it targets people who find accommodation expensive. “We expect tough times during the Brexit transition and we've set ourselves up to be ready for people looking for more affordable places to live,” adds Matsaudza.

Planning

Zoe Whitman, founder of bookkeeping practice But the Books, is determined to cover off everything within her control with a business strategy workshop, coaching from the NatWest Entrepreneur Accelerator, and planning; lots of it.

She says: “The uncertainty around Brexit is huge. We need to understand the implications for things like VAT and our clients have uncertainty about overseas sales in the future.”

Among her concerns are client budgets for bookkeeping services potentially being cut due to economic uncertainty impacting their own sales. On the other hand there could be a surge in demand for bookkeeping professionals who can help them through these uncertain times.

“We need to be ready,” she says. “As for things outside of my control, I'm going to keep smiling and hope for the best.”

Business as usual

Stuart Goulden, founder of marketing consultancy Like No Other, describes his business as ‘the most resourceful marketing agency on the planet’, and makes clever use of automation through tools such as Zapier, HubSpot, ConvertKit, Buffer, RecurPost, and Offramp.

“We are optimists so our ‘survival kit’ is made up of the tools we use every day, rather than a panicked reaction,” says Goulden. “By doing more with less you’re generally far better prepared for any new opportunities or trickier times that might come your way.”

Like No Other’s underlying philosophy to only work with visionary clients at the forefront of their industries is also part of a survival strategy for unpredictable times.

“It involves turning away some potential business but as a fiercely independent agency, staying true to these values is our call alone to make,” he says.

A startup built for survival

For entrepreneur Peter Gross, his new startup, Horizon PPM, itself is the most crucial element of his Brexit survival planning. He and his business partner are IT contractors and face the dual challenges of Brexit and IR35 in the coming months. Nevertheless Gross is optimistic.

He says: “Our startup is an online-only service; everything we do is digital and operated via the cloud. If it is succeeds, not only will it change the way we are viewed by the UK tax authorities for tax purposes, but being digital it also has the potential to exploit global opportunities, regardless of Brexit.”

Funding and fleetness of foot

Frank Wagner, CEO and co-founder of INVAO, a blockchain asset pool for investors based on automated trading and active portfolio management, is counting on two key tools in his start-up kit; investor relations and adaptability.

He says: “Entrepreneurs need to be able to effectively sell their idea to investors. All investors, large and small, will ask questions and keep a start-up on its toes. This will be crucial for me in 2019 as we continue INVAO’s global investor road show.

With business moving faster than ever adaptability will be essential to managing uncertainty ahead. INVAO leverages blockchain technology and have a vested interest in cryptocurrency markets, which have experienced a lot of price changeability. He adds: “Going into 2019, it is even more important to be adaptable to new circumstances and to know how to succeed no matter what the odds.”

Team, tools and networking

Sean Brown, founder of ecommerce business Mercarto, is focusing on three key components of his 2019 startup survival kit; team, tools and network.

"It's near impossible to build a business alone, so surrounding your startup with exceptionally motivated people creates the container for your startup survival kit."

The use of web-based tools is key to increasing efficiency and productivity, so Brown advocates using Google Business, Hubspot CRM, Sage accounting and Bright HR to help startups get to the next level in 2019.

Networking can be a lifeline of support for startups during turbulent times. He says: “Join a local group of startup founders and share your experiences, problems and successes; the benefits seem intangible, but believe me, they are long-lasting."

Keep communication lines open

Emma McClelland is the founder of Kintsugi Clothing, which designs and creates clothing with disabled women in mind, so that each garment is inclusive and can be worn by anyone, whether they have a physical impairment or not.

She says: “I worry that the rocky road ahead can't be planned for, as it's being built in front of our feet as we're walking along it, so we’re focusing on what drives us and what means the most to our customers. The jewel in our survival kit is, therefore, communication.”

McClelland plans to continue the ongoing dialogue between the brand and its customers, listening to their needs, taking on board their suggestions, and sharing business progress - and problems - in an authentic way.

She says: “Kintsugi is in such an early stage and the only way we can survive is by being hand-in-hand with our supporters, with both parties having their fingers firmly crossed!”

I'm a freelance journalist, founder of Coleman Media. For the last 20 years I’ve covered business stories for national and international online and print publications, with a special interest in entrepreneurs and their startups. Away from business, I'm an accomplished ghost...